From the floor June 1
At the close:
The July corn futures settled 11 cents higher at $7.58 1/2. The July soybean contract closed 10 1/4 cents higher at $13.86 1/4. The July wheat futures ended 23 cents lower at $7.59 1/4. The July soybean meal futures settled $5.40 per short ton higher at $360.70. July soyoil settled $0.06 higher at $58.43.
In the outside markets, the NYMEX crude oil is $2.42 per barrel lower, the dollar is higher and the Dow Jones Industrials are down 223 points.
One analyst says, "Funds take profits at month-end and then return as the new month starts. Well, again after a lower opening Wednesday we saw corn and beans rally sharply with $.11-$.15 cent gains on the day, as funds came back in. Funds traditionally take profits before month-end to pay big bonuses then begin buying again as the new month enters, usually climbing higher into the crop report before taking profits again."
The July corn futures trade 8 1/2 cents higher at $7.56. The July soybean contract is 12 1/4 cents higher at $13.88 1/4. The July wheat futures are 13 3/4 cents lower at $7.68 1/2. The July soybean meal futures are $3.50 per short ton higher at $358.80. July soyoil is $0.11 higher at $58.60.
In the outside markets, the NYMEX crude oil is $1.10 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 190 points.
One floor trader says, "There is still an import margin into China for corn in new crop can pay up to 6.90 by my calculation….and wheat in US has broken enough to be feed equivalent in a lot of locations. So, I am not really bearish here."
At the open:
The July corn futures opened 2 1/2 cents lower at $7.45. The July soybean contract opened 4 1/2 cents lower at $13.71 1/2. The July wheat futures opened 12 1/2 cents lower at $7.69 1/4. The July soybean meal futures opened $2.70 per short ton lower at $352.60. July soyoil opened $0.15 lower at $58.32.
In the outside markets, the NYMEX crude oil is $0.66 per barrel lower, the dollar is lower and the Dow Jones Industrials are down 125 points.
Again, the wheat market strains from Russia's grain ban lift on July 1. That is continuing to pull down the other markets.
Not much, in the way of news today. The market is still chewing on Russia's grain ban news from yesterday. At some point, the market will consider those 11.0 million acres that still need to be planted. More rain is coming to the northern Plains, according to the 6-10 day outlook.
Japan canceled a 250,000 mt tender of wheat and barley. Then, they turned right around and announced another tender for 250,000 of wheat and barley for June.
Early calls: Corn 1-2 cents lower, soybeans 2-4 cents lower, and wheat 11-12 cents lower.
Overnight grain, soybean markets=Trading lower.
Crude Oil=$0.07 lower.
Wall Street=Seen trading lower as investors await the ADP Jobs Report Wednesday
More in a minute,
Re: From the floor June 1
First yields from France...around 50/bu ac ...barley converted from metric to bushels
That is 60 to 70 % of normal..
Corn at Matif has not decreased much since Putin acted and spring seeded crops will be hardest hit dry years.
But the big point i Russias coming or not coming rains
Just a comment from EU
Re: From the floor June 1
Great to hear that perspective from Europe. As I understand it, the market has one eye on your harvest. It's interesting that there has been little movement since Russia's announcement. Are you surprised?